Hi,
I will represent my shortened analysis on this pair.
- Strong down trend
- Price at daily resistance levels.
- H4 strong sell off challenging the spot where the last buyer has been activated
- Aggressive test phase ends up with a big wick on top.
- We have an area that holds so we can place a SL above 2 types of resistance
- JPY still looks strong pair on higher time frames.
- RR is good as well
In case this idea starts working - first target zone is around 130.70. Second target zone - daily low.
Good luck :)
I will represent my shortened analysis on this pair.
- Strong down trend
- Price at daily resistance levels.
- H4 strong sell off challenging the spot where the last buyer has been activated
- Aggressive test phase ends up with a big wick on top.
- We have an area that holds so we can place a SL above 2 types of resistance
- JPY still looks strong pair on higher time frames.
- RR is good as well
In case this idea starts working - first target zone is around 130.70. Second target zone - daily low.
Good luck :)
Note
Got stopped out here. I think the analysis was fine I just had to close at breakeven here. There were no reasons to hold this after such big bullish candle and failed attempt for a lower low.Note
Just adding the picture of bad trade mangement for my own sake.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.